WS #10629

The dominant signal in this window is the release of Federal Reserve stress test results and subsequent capital actions by major US banks. JPMorgan Chase announced a $50B buyback plan effective July 1, Goldman Sachs plans to raise its quarterly dividend from $4.50 to $5.00 per share, and BNY Mellon intends to increase its dividend by 19% to $0.63 per share. These actions signal strong capital positions and confidence in returning capital to shareholders, which is bullish for the financial sector (JPM, GS, BNY). The Fed stress test results showed that US banks would lose $700B in an economic crash but all 32 lenders passed, reinforcing sector resilience. Separately, Micron Technology's Q3 earnings beat estimates by a wide margin (revenue $41.46B vs $35.25B est, EPS $25.11 vs $20.28 est) and shares rose ~10% after hours, providing a strong positive catalyst for the semiconductor and AI memory trade (MU, SMH, NVDA). Qualcomm also raised its FY29 non-handset revenue target to $40B and announced an expanded relationship with Hugging Face, driving shares higher. Bitcoin fell to a 20-month low below $60,000, reflecting continued crypto weakness. On the geopolitical front, European leaders pledged strong support for Ukraine ahead of the NATO summit, and Trump sent an $87.6B supplemental budget request to Congress. The dominant narrative is STABLE with bullish financial sector and semiconductor signals, while crypto remains bearish.